Hines has acquired Pontkade Phase 3, a mixed-use residential and office development within Amsterdam’s NDSM-West regeneration area, on behalf of the Hines Pan-European Core Fund (HECF). The company will forward fund the mixed-use development, which will consist of 208 apartments for rent, alongside 1,600m² of office space and 800m² of ground-floor commercial space for retail use. Designed by international architecture firm Moke, Pontkade Phase 3 features an 18 storey residential tower and a 7 storey office building. The project is expected to complete by the end of 2022. The purchase price was not disclosed.
Amsterdam’s NDSM is a large area of regeneration around the former shipping docks in the North of the city. Several major developments have already been completed, including the head office of retailer HEMA and an enhanced marina, alongside new homes, restaurants and bars. The world’s largest street art museum will open in the next few months and, on completion in 2028, the NDSM area will provide around 5,000 homes.
Peter Epping, Senior Managing Director and HECF Fund Manager at Hines, said: “This is an exciting new development in an emerging part of Amsterdam, with strong long-term prospects as the area continues to develop and grow. Our investment underlines our strategy of targeting high-quality PRS assets and build to rent projects, alongside traditional Core assets, within the HECF. Alongside the growth of our office and logistics investments, it is a key target to expand our residential invest programme in other key European cities with good prospects for long-term rental growth.”
Andy Smith, Managing Director and country head for The Netherlands at Hines, said: “Amsterdam Noord and the NDSM area is a dynamic new place to live, with high-quality shops, bars and restaurants, and with significant further development in the pipeline. The Pontkade Phase 3 site benefits from strong transport connections, including easy access to Amsterdam’s central station, and will be highly attractive to Amsterdam’s growing rental population.”